Rent Trap Myths
Myth 1	Escaping the trap will get easier later.
Myth 2	Escaping the trap requires excellent credit.
Myth 3	Only the rich can afford to escape the rent trap.
Myth 4	Escaping the rent trap is easy.

Credit is only part of the puzzle. Another big factor in getting a loan is how much money you can put down on the property and how much money you make.

If you paid cash for a house, you wouldn't need a loan and no one would care about your credit. Since we don't live in Italy or Mexico, where mortgages are unheard of, you will probably need to borrow some money for a house. The difference between what you put down and what the house is worth is what you will be getting a mortgage for. Here are some basic rules to qualify for a loan:

	$100k Mortgage	$200k Mortgage	$300k Home	$400k Home
Household Gross Monthly Income (what your boss pays you before taxes)	$2,700	$4,800	$7,200	$9,600
Household Gross Yearly Income	$32,400	$57,600	$86,400	$115,200

Most people can't escape the rent trap because they can't wrap their mind around a $200k mortgage after renting a $300k home.